Vanhauwaert Michael: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Vanhauwaert Michael
Largest movements
- Tangible fixed assets +€269,190
up €269,190 (+33,034%), from €815 to €270,005
of which Land and buildings: +€269,566
- Receivables after one year +€63,750
up €63,750 (+150%), from €42,500 to €106,250
- Cash +€57,365
up €57,365 (+426%), from €13,468 to €70,833
mainly Other debts (+€239,416) and Debts after one year (+€206,577)
- Current investments +€27,000
up €27,000 (+90.0%), from €30,000 to €57,000
- Other debts +€239,416
up €239,416 (+2,916%), from €8,211 to €247,627
- Debts after one year +€206,577
up €206,577 (+81.9%), from €252,217 to €458,795
- Reserves -€39,500
down €39,500 (-13.3%), from €296,000 to €256,500
- Current portion of long-term debt +€11,782
up €11,782 (+22.8%), from €51,641 to €63,423
- Financial income -€244,252
down €244,252 (-96.8%), from €252,364 to €8,111
- Depreciation +€32,834
up €32,834 (+8,732%), from €376 to €33,210
- Financial charges -€8,104
down €8,104 (-36.4%), from €22,245 to €14,141
- Gross operating margin -€4,231
down €4,231 (-48.0%), from €8,823 to €4,592
- Other operating charges +€1,859
up €1,859 (+202%), from €920 to €2,779
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €626,841 | €1,041,873 | +€415,032 | +66.2% |
| Fixed assets | 21/28 | €525,815 | €795,005 | +€269,190 | +51.2% |
| Tangible fixed assets | 22/27 | €815 | €270,005 | +€269,190 | +33,034% |
| Land and buildings | 22 | - | €269,566 | +€269,566 | |
| Plant, machinery and equipment | 23 | €815 | €439 | -€376 | -46.1% |
| Financial fixed assets | 28 | €525,000 | €525,000 | = | 0.0% |
| Current assets | 29/58 | €101,026 | €246,868 | +€145,842 | +144% |
| Amounts receivable after more than one year | 29 | €42,500 | €106,250 | +€63,750 | +150% |
| Other amounts receivable | 291 | €42,500 | €106,250 | +€63,750 | +150% |
| Amounts receivable within one year | 40/41 | €15,059 | €12,785 | -€2,274 | -15.1% |
| Trade receivables | 40 | €0 | €7,865 | +€7,865 | |
| Other amounts receivable | 41 | €15,059 | €4,920 | -€10,139 | -67.3% |
| Current investments | 50/53 | €30,000 | €57,000 | +€27,000 | +90.0% |
| Cash at bank and in hand | 54/58 | €13,468 | €70,833 | +€57,365 | +426% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €626,841 | €1,041,873 | +€415,032 | +66.2% |
| Equity | 10/15 | €297,149 | €257,924 | -€39,225 | -13.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €296,000 | €256,500 | -€39,500 | -13.3% |
| Distributable reserves | 133 | €296,000 | €256,500 | -€39,500 | -13.3% |
| Profit (loss) carried forward | 14 | €149 | €424 | +€275 | +185% |
| Amounts payable | 17/49 | €329,693 | €783,949 | +€454,256 | +138% |
| Amounts payable after more than one year | 17 | €252,217 | €458,795 | +€206,577 | +81.9% |
| Financial debts | 170/4 | €252,217 | €458,795 | +€206,577 | +81.9% |
| Amounts payable within one year | 42/48 | €72,135 | €319,814 | +€247,679 | +343% |
| Current portion of amounts payable after more than one year | 42 | €51,641 | €63,423 | +€11,782 | +22.8% |
| Trade debts | 44 | €608 | €1,353 | +€745 | +122% |
| Suppliers | 440/4 | €608 | €1,353 | +€745 | +122% |
| Taxes, remuneration and social security | 45 | €11,674 | €7,411 | -€4,263 | -36.5% |
| Taxes | 450/3 | €9,624 | €5,361 | -€4,263 | -44.3% |
| Remuneration and social security | 454/9 | €2,050 | €2,050 | = | 0.0% |
| Other amounts payable | 47/48 | €8,211 | €247,627 | +€239,416 | +2,916% |
| Accrued charges and deferred income | 492/3 | €5,341 | €5,341 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €376 | €33,210 | +€32,834 | +8,732% |
| Other operating charges | 640/8 | €920 | €2,779 | +€1,859 | +202% |
| Gross operating margin | 9900 | €8,823 | €4,592 | -€4,231 | -48.0% |
| Operating profit (loss) | 9901 | €7,528 | -€31,397 | -€38,925 | |
| Financial income | 75/76B | €252,364 | €8,111 | -€244,252 | -96.8% |
| Recurring financial income | 75 | €252,364 | €8,111 | -€244,252 | -96.8% |
| Financial charges | 65/66B | €22,245 | €14,141 | -€8,104 | -36.4% |
| Recurring financial charges | 65 | €22,245 | €14,141 | -€8,104 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €237,646 | -€37,427 | -€275,073 | |
| Income taxes | 67/77 | €160 | €1,798 | +€1,638 | +1,024% |
| Profit (loss) for the period | 9904 | €237,486 | -€39,225 | -€276,711 | |
| Profit (loss) for the period to be appropriated | 9905 | €237,486 | -€39,225 | -€276,711 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.